Investor Presentation March 2019 J. Russell Porter - Chief Executive Officer 1
Company Profile Oil and gas development and production Eagle Ford Trend Producing Counties in Texas company based in Houston, TX Focused on the liquids-rich Eagle Ford shale formation in Dimmit County, TX 9,000+ net acre contiguous…
Freedom Management Team Experienced team with capacity to work at greater scale Incentivized to align shareholders and management outcomes J. Russell Porter President and CEO 25+ years executive-level experience in oil and gas…
FDM Investment Highlights Compelling investment opportunity in rapidly growing company with significant upside Acreage located in volatile oil and condensate window Positioned in premium area Shale thickness of 400 ft. with Upper &…
FDMs Eagle Ford Acreage Advantages Eagle Ford shale is one of worlds largest producing oil fields Proximity to offset operator production and data allows for confidence in geology High Quality Low- Verified, measured and tested 400…
Strategic Focus on Eagle Ford Development Successfully execute Maintain financial Pursue impactful current drilling flexibility and access and actionable M&A program to capital opportunities Grow value through low- cost…
Well Performance Above 1P Type Curve Average well performance from Wilson wells (Phase I) tracking estimated type curve for proved (1P) reserves All wells exceeding or near type curve for proved (1P) reserves BOE calculated on a…
Improving Operating Performance Reduced drilling time performance down to 10 days average in Phase III vs Phase I Faster completion times and lower costs with each drilling phase Lowered estimated drilling and completion costs from…
Recent Activity (Phase III) Commenced six-month drilling program in August 2018 with fit-for-purpose rig Nine wells drilled in program to date from three pads Three Vega wells announced average 30-day IP rate of 614 BOEPD (76%…
Production Growing in First Half of 2019 6 wells on production averaged 1,939 BOEPD in 4Q 2018 76% liquids (44% crude oil, 30% NGLs, 26% natural gas) 3 Vega wells had average IP-30 rate of 614 BOEPD 3 Persimmon wells and 3…
Opportunities and Objectives Continue to improve well productivity, utilizing more sophisticated completions designs to address parent/child dynamics Evaluate optimal spacing and be proactive in operations and frac design to minimize…
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Changes in Fracturing Technology Advancing Drilling and Completion Technology Increases Production Initial Completions 6,800 LL 27 Stages 6 Clusters per Stage 1,625/ft proppant Current Design 7,750 LL 32 Stages 12 Clusters per…
Updated Developmental Drilling Plan Focusing on and beyond Lower Eagle Formation Bench Immediate focus on optimizing well spacing and associated frac design Currently drilling four additional wells under remaining 45-day rig…
Current Infrastructure in Place FDM acreage close to existing oil and gas transportation lines Negotiated low transportation costs via pipelines and trucks US3-4 and US2-3, respectively No volume commitments No ship or pay…
Eagle Ford Favorable Price Margins LLS/WTI Houston is a light crude price tied to Brent / Imports WTI Cushing* 57 - 60/bbl Direct access to Gulf Coast LLS/WTI Hou market LLS/WTI Hou is 4 to 6/bbl premium to WTI Permian Basin…
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